Indo Asian to invest Rs 70 cr in 2 years

PTI|

Jul 02, 2006, 09.45 AM IST

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HARIDWAR: Electrical equipment maker Indo Asian Fusegear Ltd said on Sunday that it plans to invest about 70 crore in the next two years for expansion, even as it eyes doubling revenues to Rs 300 crore this fiscal.

"We are already investing about Rs 66 crore in three plants in Uttaranchal, first of which was made operational today. In addition, we would set up two more plants in the state at a total investment of about Rs 70 crore," said,Indo Asian chairman and managing director V P Mahendru.

With the commissioning of more units, the company is targeting a revenue of about Rs 300 crore this fiscal, nearly double that of Rs 156 crore posted in 2005-06. Mahendru said the company was also looking at diversifying in electronics and communication equipment, for which preliminary talks have been initiated with a few telecom companies.

The first of the three plants in the industrial estate here, which was inaugurated by Uttaranchal chief minister N D Tiwari, has been set up at an investment of Rs 30 crore.

The plant would manufacture various products including CFLs worth Rs 90 crore. Mahendru said two more units for producing cables and switchgears would be made operational within the next three months.

Besides, the Delhi-based company has also finalised a tie-up with a Spanish company for making home automation products.

"We would be setting up a joint venture with a Spanish company shortly. This plant would be set up in Uttaranchal at an investment of about Rs 50 crore," he said, but refused to divulge details. The company has also set up a joint venture with Italy's Nordex for establishing a plant to make lighting products, he said, adding this would entail an investment of Rs 20 crore.

With the addition of all these units, the company would have a total of 11 manufacturing units in the country. Indo Asian already has manufacturing facilities in Noida, Parwanoo (Himachal Pradesh, Jalandhar and Sonepat